Which of the following are factors that affect the price of an insurance policy?
Some factors that may affect your auto insurance premiums are your car, your driving habits, demographic factors and the coverages, limits and deductibles you choose. These factors may include things such as your age, anti-theft features in your car and your driving record.
What are 4 factors that can affect the cost of life insurance policies?
Factors that can affect an auto insurance premium are: -Value of the insured vehicle: the higher the value of the car, the higher the premium. -Repair record of the car: the more easily car damage can be repaired, the lower the premium. -Your age: younger drivers have less experience and pay higher premiums.
What are the factors that affect life insurance premiums?
We’ve detailed the top 18 factors that affect life insurance premiums and determine your life insurance rate. 1. Age Age isn’t just a number. It could be the single most important factor when you look at how much you’re going to pay for life insurance.
Why is life insurance so expensive?
In fact, the older you are, the more expensive life insurance will be for you, because insurers see that a younger applicant will have a longer life expectancy. For example, if you’re in your 20s, then insurers will expect you to live longer than the average 70-year-old applicant.
What determines the cost of your life insurance?
Another big factor that will determine the cost of your life insurance is the type of policy you buy and the amount of coverage. Generally speaking, term life insurance is the least expensive, universal life costs more than term life, and whole life insurance is the most expensive.